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CRY:BTC, May 20, 11:28 UTC

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Yesterday


News

Bitcoin Magazine’s Week in Review: Blockchain’s Big Gathering

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This week’s news was dominated by stories out of Blockchain Week and the Consensus 2018 conference held in New York City. There was free beer served from an ID-validating dispenser, Warren Buffet was criticized for his “rat poison” view of cryptocurrency, and there were plenty of business announcements, including news from eToro, Netki, Bitmain and Circle. Stay on top of the best stories in the bitcoin, blockchain and cryptocurrency industry. In his 2018 annual shareholder meeting at Berkshire Hathaway recently, Warren Buffet referred to bitcoin as “rat poison.” Venture capitalists Fred Wilson and Balaji Srinivasan had a chat with Wall Street Journal reporter Paul Vigna on the mainstage of Consensus 2018.

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Friday, May 18


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Bitcoin briefly slips under $8,000, near one-month low with 2nd weekly drop in sight

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Bitcoin traded in negative territory Friday afternoon, on track for a second consecutive losing week as momentum shifts for digital currencies. The No. 1 digital currency has since regained $8,000, last trading at $8,141.32, down 0.8%, since Thursday’s levels at 5 p.m. Eastern time on the Kraken exchange. With bitcoin now down by more than 15% from its early May high, when it traded near the $10,000 psychological level, one analyst thinks the market suffered from over-exuberance.

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News

Consensus 2018 Proves Bitcoin and Blockchain Are Here to Stay

BTC FDX +1 more BTC FDX AMZN

At approximately $2,000, Consensus 2018 was the most expensive edition in the bitcoin conference’s history. Last year’s haul topped out at 2,700 people, which was a respectable figure at that time, representing a near-doubling from Consensus 2016. But at a growth rate of 215%, this year’s edition took the bitcoin conference to a whole new level. With the way the mainstream media has portrayed bitcoin and the blockchain as a wildly speculative venture, FedEx Corporation (NYSE:FDX) chairman and chief executive Fred Smith’s words may come as a surprise. In front of a packed audience, he stated, “For cross-border shipments, ‘trust’ is legal requirement for every transaction. What blockchain has is a potential for the first time ever to make the information available for everybody.”.

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#Consensus2018 Fails To Pump Up Bitcoin

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CoinDesk's Consensus 2018 conference is over and it failed to pump up cryptocurrencies. Despite this conference, which, if you believe in my 3 Rules of Bitcoin, was an ideal opportunity to hype cryptocurrencies and pump them higher, cryptocurrencies mostly fell this week. Bloomberg reports that Crypto Wealth declined $45 billion in one week. Bitcoin dropped. Ripple dropped. Ethereum dropped. Litecoin dropped. The inability for the enthusiasm of the conference participants (and their twitter accounts) failed to translate into any price gains.

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Bitcoin rally this week fails to materialize as New York conference brings more hype than substance

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Bitcoin rally this week fails to materialize as New York conference brings more hype than substance. Bitcoin fell below $8,000 as the conferences wrapped up Friday, hitting a low of $7,931.43 after trading above $8,800 Monday, according to CoinDesk. "Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year," said Fundstrat digital currency analyst Alex Kern. In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus.

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Bitcoin Hits One-Month Low As $10K Sell-Off Resumes - CoinDesk

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Bitcoin Hits One-Month Low As $10K Sell-Off Resumes. Cornell Professor Unveils 'Simple Yet Powerful' Consensus Protocols. However, the gains will likely be short-lived as the odds are stacked against the bulls, according to technical charts. Further, BTC has also found acceptance below $8,207 (50 percent Fibonacci retracement), a level which acted as a strong support since May 12. Axoni, Clearmatics Claim Milestone for Blockchain Interoperability. And last but not the least, BTC's turn lower from $8,884 (May 14Â high) and drop below $8,100 yesterday have established a lower highs and lows pattern (bearish setup). So, it is quite clear that the drop to one-month lows in the last 24 hours has the put bears in the driver's seat.

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Crypto wealth sinks $45bn while Bitcoin bros party in NYC - Moneyweb

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Crypto Wealth Sinks $45 Billion While Bitcoin Bros Party in NYC. With thousands of cryptocurrency diehards swarming into Manhattan for this week’s Consensus 2018 conference and other industry related events, the prediction from Bitcoin bulls like Tom Lee of Fundstrat Global Advisors was that the hype-filled gathering would trigger a market rally. Alas, not even a trio of (rented) Lamborghinis, a 1,000-person yacht party and a performance by 46-year-old rapper Snoop Dogg could prevent the value of virtual currencies tracked by Coinmarketcap.com from sinking by $45 billion since May 11. This week’s slump is far from extreme by crypto standards, but the market’s resistance to Blockchain Week’s ballyhoo highlights one of the arguments often used by virtual currency pessimists -- that most people who are willing to buy the coins have already piled in. While bulls point to a vast pool of pent-up demand from professional money managers, it’s far from clear that regulations in the U.S. and elsewhere will evolve in ways that attract institutional investors.

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Thursday, May 17


News

It’s Not Bitcoin Trading — But J.P. Morgan Is Heading Deeper Into Crypto

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created a new position dubbed Head of Crypto-Assets Strategy, naming Oliver Harris, previously head of the banking giant’s in-residence program for fintech startups, to the role. Harris will work under the umbrella of J.P. Morgan’s blockchain initiative, headed by Umar Farooq. Notably, J.P. Morgan partnered with the team behind cryptocurrency Zcash to increase the privacy on that blockchain. That’s not to say the banking giant is suddenly hopping into Bitcoin trading in the way Goldman Sachs has done -- at least not yet. When asked about the future of cryptocurrencies, such as Bitcoin and the bank potentially trading the asset, J.P. Morgan’s Head of Corporate and Investment Banking told CNBC: “We are looking into the space.”.

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Billionaire Tim Draper: “Bitcoin to Hit $250K”

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With a bank account value exceeding into the billions, venture capitalist Tim Draper says the bank is going to become virtual soon and that Bitcoin is going to hit $250,000. Draper built his fortune on betting on early start ups like Hotmail, Skype, and Tesla. “Bitcoin is probably the most secure of currencies right now.“ I see [this shift] happening faster than anybody ever imagined. I think within four years, around 2022, bitcoin is going to hit $250,000,” he says.

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Bitcoin may fall below $8,000 as crypto confab fails to stoke buying, analyst says

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Bitcoin began Thursday trade virtually unchanged amid a subdued stint of trading over the past 24 hours, with investors contending with an unexpected lull following the conclusion of the popular multiday Consensus conference. “It’s still looking a bit soft and vulnerable,” said Craig Erlam, senior market analyst at Oanda. Erlam added that he doesn’t expect the bottom to fall out of bitcoin.

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